Actually took both the 401k and the IRA to equal 550K and did the Bankrate savings calculator at 6.5% which i thought was pretty conservative to get the 1.2 million. It came out like this:
Your Result
Your monthly deposit of $0.00 for 12 years with an interest rate of 6.50% compounded Annually
with an initial starting balance of $550,000.00 and zero contribution.
To answer another post, my savings rate is currently 50% of take home pay. I do hope to improve that but it's a good start over where i was 3 months ago and it's on a high salary so it does add up.
Year
Balance
1 $585,750.00
2 $623,823.75
3 $664,372.29
4 $707,556.49
5 $753,547.66
6 $802,528.26
7 $854,692.60
8 $910,247.62
9 $969,413.71
10 $1,032,425.61
11 $1,099,533.27
12 $1,171,002.93
Final Savings Balance: $1,171,002.93